By Joe Hoppe

Genedrive shares rose after it said it has been awarded a U.K. government grant to validate and implement its CYP2C19 ID Kit--for guiding therapy selection in stroke patients--in pharmacogenetic tests.

Shares are up 1.5 pence, or 13% at 13.25 pence.

The molecular-diagnostics company said the 1.2 million pound ($1.5 million) grant, from Innovate UK and the UK government's Innovation Accelerator, will provide it with acute care patient access and supporting infrastructure, to assess the clinical performance of time-critical clinical tests in U.K. public health service settings.

"The grant funding allows us to avoid costs that would otherwise have been incurred by Genedrive directly and to benefit from accessing the Acute Medicine Unit, which is paramount to our product validation under [In Vitro Diagnostic Regulation]," Chief Executive James Cheek said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

September 28, 2023 08:14 ET (12:14 GMT)

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